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When Do You Really Need A Business Lawyer?
If you’re a business person running a successful business, then deciding whether to hire a business attorney would just like deciding whether to go to healthcare specialist. If you are experiencing any serious body ailments, chances are you’re definitely going to seek the aid of a doctor or even visit the emergency room. Although when you simply have a cold, then you’ll probably wait a few days to see if it becomes worse before paying a visit to a physician’s clinic. In any case, if you’re having serious legal issues, perhaps something involving a securities fraud investigation, then calling a lawyer would be the most practical move.
There may be instances where you might not be sure about calling an attorney. Maybe you’re still starting a business. Maybe you’re planning hiring high-level employees. It might just be a good idea to seek the advice of an experienced business lawyer to understand legalities that will ultimately affect even the most basic business decisions.
So here are some insights on why you probably should seek legal counsel from a business lawyer. First off, any advice coming from a good small-business lawyer can be beneficial for your business. Then there are those circumstances that call for an experienced business attorney. Such events might be when your business partner and yourself would want to create something like a “special allocations” of profits and losses in your partnership agreement or LLC operating agreement. For this, you’ll need to consult with a business attorney who specializes in taxes. How about when you want to buy a business, but it involves a major environmental issue? Did you know that environmental protection laws do carry heavy penalties for landowners, including the ones who did not cause the contamination? Now what if an employee or a former employee threatens to sue your business for discrimination? And what should you do if one of your managers wants to sue for sexual harassment?
These things can hurt you or your business partners not just emotionally but also financially. If you have a litigation lawyer, then hiring that attorney will definitely do more than evade any potential harm that may affect your business and the people involved. These types of issues need to be dealt with properly. Now the challenging part is to find a business lawyer who has enough experience to handle such specialty areas and that must be someone you can work with.
Even if you’re already running a successful business venture, there may still be more legal tasks that require the counsel of a good business attorney. These include instances where you might want to hire independent contractors and consultants. Lawyers can prepare written agreements and formulate written contracts with customers and clients for the sale or rental of goods. Business attorneys can also document LLC meetings and actions as well as call and hold corporate meetings then prepare corporate minutes. Business lawyers are also needed should you want to create a buy-sell agreement with your business partners. Your attorney can update your partnership agreements, operating agreements or shareholder’s agreement if and when business circumstances change. And not to forget, business lawyers can handle IRS audits.
For some business people, they prefer creating their own business contracts and then get the help of their attorneys to review them to ensure there aren’t any gaping holes or major legal issues. This “legal coach” type of arrangement is perhaps the most inexpensive way to use legal services. However you’d like to approach business legal issues, be sure to hire a business attorney with whom you can have a good rapport.